NatWest Digital Regular Saver - can I increase standing order?

Phantom151

You may want to check your interest rate. I had the old regular saver but had to close it and apply for the new one to get the better rate.

Band7

Phantom151 said:

You may want to check your interest rate. I had the old regular saver but had to close it and apply for the new one to get the better rate.

That sounds very odd as the rate increase was supposed to be applied automatically to all, and you are the first one saying this hasn't happened.

If you close down your existing RS and start afresh, you start again with max £150, plus any pennies from round-ups.

If the new rate doesn't show for you immediately, wait a day. If it still doesn't show then, contact CS. Don't rush into closing your account.

Wheres_My_Cashback

Phantom151 said:

You may want to check your interest rate. I had the old regular saver but had to close it and apply for the new one to get the better rate.

You're mistaken, rate increases since conception of this RS have been applied to all open and new accounts. There was no need to close it. By doing so you would have forfeited interest for that month.

RG2015

Phantom151 said:

You may want to check your interest rate. I had the old regular saver but had to close it and apply for the new one to get the better rate.

I don’t recall NatWest or RBS having a previous regular saver. Certainly not for many years.

The current digital regular saver always gets the latest rate although it may take a day or two to update.

If you closed the current one, as previously noted, you will need to start again at a maximum of £150 per month.

surreysaver

RG2015 said:

Phantom151 said:

You may want to check your interest rate. I had the old regular saver but had to close it and apply for the new one to get the better rate.

I don’t recall NatWest or RBS having a previous regular saver. Certainly not for many years.

The current digital regular saver always gets the latest rate although it may take a day or two to update.

If you closed the current one, as previously noted, you will need to start again at a maximum of £150 per month.

They had a similar account called Savings Builder, where you had to increase the amount held by £50pm to receive the higher rate of interest. Those accounts still exist, but the interest rate is poor 

Band7

Wheres_My_Cashback said:

Phantom151 said:

You may want to check your interest rate. I had the old regular saver but had to close it and apply for the new one to get the better rate.

You're mistaken, rate increases since conception of this RS have been applied to all open and new accounts. There was no need to close it. By doing so you would have forfeited interest for that month.

I doubt this is the case. They will pay interest to the day of closure.

EDIT: Ignore me, I am wrong on this one

RG2015

surreysaver said:

RG2015 said:

Phantom151 said:

You may want to check your interest rate. I had the old regular saver but had to close it and apply for the new one to get the better rate.

I don’t recall NatWest or RBS having a previous regular saver. Certainly not for many years.

The current digital regular saver always gets the latest rate although it may take a day or two to update.

If you closed the current one, as previously noted, you will need to start again at a maximum of £150 per month.

They had a similar account called Savings Builder, where you had to increase the amount held by £50pm to receive the higher rate of interest. Those accounts still exist, but the interest rate is poor 

Oh yes, so there was/is.  I still have one, paying 2.02 AER, but you can now pay in and withdraw as much as you wish. Been at zero for months/years.

Wheres_My_Cashback

Band7 said:

Wheres_My_Cashback said:

Phantom151 said:

You may want to check your interest rate. I had the old regular saver but had to close it and apply for the new one to get the better rate.

You're mistaken, rate increases since conception of this RS have been applied to all open and new accounts. There was no need to close it. By doing so you would have forfeited interest for that month.

I doubt this is the case. They will pay interest to the day of closure.

You doubt ? Based on what exactly, a hunch ? when the terms state ;-

If you close your account, you will not earn interest for the month of closure.

wmb194

Wheres_My_Cashback said:

Band7 said:

Wheres_My_Cashback said:

Phantom151 said:

You may want to check your interest rate. I had the old regular saver but had to close it and apply for the new one to get the better rate.

You're mistaken, rate increases since conception of this RS have been applied to all open and new accounts. There was no need to close it. By doing so you would have forfeited interest for that month.

I doubt this is the case. They will pay interest to the day of closure.

You doubt ? Based on what exactly, a hunch ? when the terms state ;-

If you close your account, you will not earn interest for the month of closure.

Wow, that's really unusual. Another reminder that you always have to be on guard with NatWest.

https://www.natwest.com/savings/digital-regular-saver.html

Band7

Wheres_My_Cashback said:

Band7 said:

Wheres_My_Cashback said:

Phantom151 said:

You may want to check your interest rate. I had the old regular saver but had to close it and apply for the new one to get the better rate.

You're mistaken, rate increases since conception of this RS have been applied to all open and new accounts. There was no need to close it. By doing so you would have forfeited interest for that month.

I doubt this is the case. They will pay interest to the day of closure.

You doubt ? Based on what exactly, a hunch ? when the terms state ;-

If you close your account, you will not earn interest for the month of closure.

I stand corrected. Totally unusual. But a reminder that I shouldn't assume they play fair.